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2 <br /> buffer to the adjacent Reimer Nature Preserve and a hardwood buffer to the South Fork of the <br /> Little River. Portions of the open areas within 100 feet of the river will be converted into perennial <br /> ground cover and eventually forested to further protect the water quality and reduce erosion and <br /> sedimentation. Within the easement language, there will be an allowance of two additional <br /> subdivisions, specifically for the purpose of allowing TLC to acquire the forested areas and stream <br /> buffers adjacent to its existing property, and expand the Reimer Nature Preserve by an additional <br /> 15 acres. <br /> This property ranks in the medium-high to high protection categories via the County's farmland <br /> conservation ranking criteria. These factors, in addition to the forested buffer to a major water <br /> supply watershed river and adjacency to existing protected lands, provide significant conservation <br /> values for the site. An added social value would be achieved by the ownership change which <br /> would enable a new farmer/landowner from historically underserved communities. The requested <br /> 25% County contribution ($60,000) of the estimated $247,300 budget will help expand the <br /> conserved working lands in the Little River watershed. <br /> The Board approved the County's participation in this project with action at the December 12, <br /> 2023 Business meeting. A resolution to accept the easement is provided herein. <br /> FINANCIAL IMPACT: The total costs of the conservation easement is $247,300, including closing <br /> and transactional costs. The requested County contribution is for $60,000, or 25% of the total. <br /> The purchase price for the conservation easement is $225,000, which was determined by an <br /> appraisal. Additional costs, including closing and transactional costs, bring the estimated total at <br /> closing to $247,300. <br /> Triangle Land Conservancy has secured grants totaling $181,200 of the amount. The breakdown <br /> of the funding sources is: <br /> City of Durham $ 171,200 (69%) <br /> Orange County (Lands Legacy) $ 60,000 (24%) <br /> City of Raleigh $ 10,000 (4%) <br /> TLC $ 6,100 (3%) <br /> $247,300 (acquisition + transaction) <br /> Funds for the easement purchase would come from City of Durham ($168,000 purchase price <br /> plus $3,000 for legal and closing costs), Orange County ($57,000 purchase price plus $3,000 for <br /> legal and closing costs), City of Raleigh ($10,000 for stewardship endowment), and Triangle Land <br /> Conservancy ($6,100 for closing costs). <br /> The County's share of funds ($60,000) would come from existing funds budgeted and approved <br /> for the Lands Legacy Program (Land Legacy Fund). Funds would not be transferred until the <br /> easement transaction has occurred. The conservation easement will be completed in spring of <br /> 2024, with a closing and recordation of the document expected to occur shortly thereafter. <br /> The Terry Road Farm property is enrolled in the Present Use Value taxation program, so the <br /> conservation easement would not lessen the amount of property taxes paid to the County. <br /> SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal impact is <br /> applicable to this item: <br />